... whatever happens the process is built on an important new principle that will define the euro zone: each nation is indeed its brothers' fiscal keeper.

No matter that troubled Ireland, Portugal and Spain are expected to contribute to the bail out, or that Angela Merkel has yet to explain to her disapproving electorate why every German should cough up 100 each to enable Greeks to retire earlier than any German can hope to. A long step has been taken to move the integration project forward.

No taxation without representation is another American notion that will now come into play. European citizens will now be in effect taxed to support the Greek government, which they did not elect and in which they are not represented. <...>

Olli Rehn, EU commissioner for economic and monetary affairs will begin using his long-dormant monitoring powers, supplementing IMF oversight, and allowing Mr. Sarkozy to claim Europe is following Voltaire's advice and cultivating its own garden. We are about to learn just how much additional sovereignty each euro-zone nation is willing to surrender as Europe takes another step--a giant step--down the road to more complete economic integration.